Word: macs
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Dates: during 2000-2009
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...homeowners who faced foreclosure, while Bernanke dropped billions into jittery credit markets with a surprise rate cut. Geithner engineered the rescue in March of the investment bank Bear Stearns. In the summer, Paulson horsed Congress into giving him broad authority to seize troubled lenders Fannie Mae and Freddie Mac--which he ended up having to use two months later. And when the three have run into interference from conservatives in the White House who didn't much care for their intervention in free markets--including, at times, aides in the Vice President's office--President Bush has told them...
...Over the past decade, politicians, scooping up campaign contributions from Wall Street, took down the guardrails that had existed since the Depression. And few were better connected in the corridors of power--or more successful at deflecting proposals for tighter government supervision--than mortgage giants Fannie Mae and Freddie Mac...
Financial experts discussed issues ranging from the causes of the current economic crisis to its potential ramifications at a panel moderated by Business School Dean Jay O. Light yesterday. Nicholas P. Retsinas, a lecturer of business administration at the Business School and a former director of Freddie Mac, traced the roots of the turmoil in the mortgage markets to the New Deal. “Many of the housing rules currently in place came from the New Deal,” he said. “At the time, officials were trying to figure out how best to make credit...
...populist rallying cry. This is compounded by the fact that Paulson just happened to lead one of the biggest market players, Goldman Sachs, before coming to Treasury. In that role, he acknowledges, he placed a lot of the bad debt that the now defunct Fannie Mae and Freddie Mac were peddling. "Yeah, I and everyone else placed Fannie and Freddie debt," he says, but "We didn't create this system and this was a mess that had to be cleaned up." He also acknowledges that he put the former Fannie Mae head, Jim Johnson, on the board of Goldman...
...would just say, Fannie Mae and Freddie Mac, so you'll get it from me - I look at that totally different than any of the rest of this. Those charters were set up a long time ago by Congress with the ambiguities and the obligations around that. This was living up to our responsibilities as the United States of America. There was $5.4 trillion of debt, mortgage-backed securities and debt here and around the world, $3.7 trillion...